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. james billington him a great man and a great librarian of congress. [applause] thank you. i will start at the beginning. as a child i loved to read. in the mid '50s, live in the outer boroughs of new york city, in my case the bronx, was comfortable but provincial. and my curiosity extended far beyond the bounds of my home and school. i wanted to know more about people in other places. what was happening in the world now, what had happened in the past, and quite simply how i came to be. books were my passports, and i consumed them voraciously. but i came to writing later than most. in my late '30s after having raised my three children. my generation, those of us born during and after world war ii, numbered in the millions. and we were asking questions that demanded to be answered. we had come of age in the heat of the escalating war in vietnam. and we didn't know why our brothers were fighting so far away for a cause that was so difficult to understand. and the role of women in society was changing rapidly. my friends, educator with traditional values but a deep sense of personal ambiti
are a decent man, congressman, with enormous integrity and hope springs eternal your d.n.a. is left in congress. thank you for your service and all you have done. >>guest: thank you, haunt new year. >>neil: ahead of the swearing in, and consideration of the new members, after the the vote last night, one member said no one should keep their job in congress. you are steaming mad. why? >>guest: look what happened. the freshmen congressmen are paid $180,000 a year! off of our back, off of america's back and we work until april 17 to pay all of the taxes and all of the spending these guys do and they do nothing. they do nothing to stop the real problem. they talk about taxes when taxes are irrelevant. you have said this and i agree the problems are systematic. they belong in the spending. we need real change. when i lose weight i put it off tomorrow, i will start tomorrow, tomorrow, tomorrow, these people >>neil: i try never to start because that process is ahead of time, very, very frustrating. >>guest: you would do well in congress. that is the mentality. put off what is hard and put off doing wh
thanked congress and asked that future negotiations not involve much trauma. --drama. >> they finally got it done. congress and the along from all over the fiscal cliff, with house republicans reluctantly passing the senate bill. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession. >> it appears the bill was headed for defeat. house republicans did not want to raise taxes without significant cuts in government spending. >> there are no spending cuts. we are adding $4 billion a day to the debt and we fell ilk -- feel like the senate bill failed miserably. >> they decided not to drag out the fight in the longer and risks taking the blame for massive tax hikes for nearly a met -- for nearly every american worker. >> what is the alternative? >> the bill shields those earning less than $400,000 a year from tax increases and extend unemployment benefits. it does not raise the so-called app ceiling. in two months, government will reach its limit on borrowing unless congress acts. i
to the wider world, not just to the 240 republicans in congress. >> and thanks to you, chris cillizza and kelly and luke. and you know why it looks like they are leaving these people without help? because they are leaving these people without help. thanks to all of you. more to come. >>> after rejecting the president's previous offer for tax and entitlement reforms, republicans ended up getting only the taxes. the first time they voted for tax increases in a generation. >> a central premise of my campaign for president was to change the tax code that was too skewed towards the wealthy at the expense of working middle class americans. tonight, we've done that. thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2% of americans, while preventing a middle class tax hike that could have sent the economy back into recession, and, obviously, had a severe impact on families all across america. >> the tax man cometh. the tax man is here, grover norquist, president of americans for tax reform, joining us now. thank you very much. happy new
: thank you, shannon. congress did reach a deal to keep our nation from plummeting off the so-called fiscal cliff so we are safe for now. at least sort of. last night, the house aeveryone proofed the not bill which presents major tax cuts from expiring on income below $400,000 for individuals and $450 for couples and delays the crippling cuts for only do months, and that means we could see yet another last-minute stand off before march 1. president obama vowed to sign the bill. the vote was not unanimous. many republicans in the g.o.p.-led house voted against the bill. many of them argued it does not do enough to curve spending. it saw more bipartisan support in the senate with only a handful of lawmakers in both parties voting "no." the debate was quite intense. mike emanuel is live on capitol hill where he has been following it. the bill had the votes to pass. what was the final pitch? >>reporter: extending the bush tax cuts for individuals making up to $400,000 and couples making up to $450,000, giving certainty and some permanence and avoiding taking the economy off the fi
-167. president obama thanked congress and then hopped on a plane to hawaii. >> reporter: president obama will sign the bill. today's pressure was intense. there there was no agreement, negotiations would have had to start all over. after closed door meetings, house republican leaders finally put to a vote the fiscal cliff compromise. a bipartisan senate packed last night. >> we had listened to the american people. we have heeded their call to work together in a pi partisan way. >> reporter: president obama spoke minutes after the vote. >> the one thing i think we'll focus on in the new year is put ago package like this together with a little bit less drama. not scare the heck out of folks quite as much. >> reporter: house majority leader voted no on the compromise. he dropped efforts to amend the bill to add more spending cuts after failing to get enough fellow republicans to agree. >> the senate bill failed miserably in cutting spending. >> i'm unwilling to go on a bill that's unacceptable. >> reporter: the emergency compromise makes bush era tax cuts permanent for families who earn und
thanking congress for passing a bill on the fiscal cliff. >> another nail biter as they waited to the last minute to get this one done. we're live on capitol hill to talk about what exactly we have accomplished here. >> a lot of people feel it always is down to the last final hours and minutes to get a deal done on capitol hill. that was the case again with this issue but there is a deal done and many say it is not a perfect or permanent fix but it does keep most americans taxes from going up. it it -- also appears to be a victory for president obama. the bill allows for most of the things he talked about during his campaign. it will shield those earning less than $400,000 from seeing their taxes go up. it extends some of unemployment benefits as well. some members of congress say it does not go far enough and sets up another showdown over fiscal issues in 2013. others believe the country could not afford not to pass this bill. the president talked about all this right after the passage. >> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on
makes the body more resilient during illness. >>> thanks to congress, america's most successful earners will face their first major tax increase in 20 years. the budget did give stock markets around the globe a very positive boost from hong kong, india and britain markets were all trading on the upside. >>> well, back home, one of the first in the nation's single serve plastic water bottles are now being banned from being sold in concord, new hampshire. >>> the biggest gambling hub in the world continues to get bigger. casinos are boasting about rising 135 or a record $38 million. >>> if you want to advertise for this year super bowl, you better hurry up. cbs has two spots left to sell. rates this year, staggering $3.8 million. that's only for 30 seconds. >>> and some good news for the auto industry. sales of new cars and small trucks should break the 15 million mark for 2013 according to industry forecaster polk. the reason, an improving economy and consumers have more access to loans and lease details. >>> now it's back to work today. you may have work a little more. experts are expec
the body more resilient during illness. >>> thanks to congress, america's most successful earners will face their first major tax increase in 20 years. the budget did give stock markets around the globe a very positive boost from hong kong, india and britain. markets were all trading on the upside. >>> back home, one of the first in the nation's single serve plastic water bottles are now being banned from being sold in concord, new hampshire. >>> the biggest gambling hub in the world continues to get bigger. cass seinos in the towers are boasting about a record $38 million. >>> if you want to advertise for this year super bowl, you better hurry up. cbs has two spots left to sell. rates this year, staggering $3.8 million. that's only for 30 seconds. >>> and good news for the auto industry. sales of new cars and trucks should break the 15 million mark according to polk. the reason, consumers having access to loans and lease details. >>> marijuana club, mummers in full regular gallia. >>> plus, a spectacular moment in the tournament of roses parade. you're watching "early today." [ male announ
on friday. expect 160,000 jobs added in december. >> okay, bianna, thank you so much. >>> and so congress acted, and one crisis was averted. but how does it happen that it's affecting your wallet and also what is next? abc's white house correspondent jon karl has done some math. >> reporter: it finally passed. >> the motion is adopted. >> reporter: but not before a political blood bath. at one point, the speaker of the house telling the top senate democrat to essentially buzz off. but using language we can't use on television. but it was speaker boehner who had to save the deal late last night, fending off a revolt of his own party and putting his job on the line. supporting something opposed by the vast majority of his fellow republicans. now that it's passed, what does it mean to you? for the first time in more than 20 years, you'll see tax increases on the wealthy. for taylor swift, who made an estimated $57 million last year, that's nearly $2.6 million in new taxes. warren buffett, who famously paid a lower tax rate than his secretary, will also take a hit on an estimated earnings of
that prevents a steep tax hike for most americans. the measure goes to the president, who thanked congress for making an agreement. >>> but house leaders scrapped the vote for aid for hurricane sandy, prompting hanger. >>> and family members at sandy hook elementary getting a chance to see the new school before classes begin. the middle school has been renovated to accommodate the young students. >>> thunderstorms from houston to north carolina and the carolinas. there will be bitter cold this morning here, in the northeast. >>> and finally, this wednesday morning, a quick fix for when you had one or two or three or a whole lot too many. way too many. >> whether it was celebrating the new year, or an occasional, you go out with your friends, it's familiar the aftermath. the hangover. you know what i'm talking about? >> we're working. we don't know what you're talking about. >> abc's linsey davis tells us how we might be able to beat the hangover. >> reporter: waking up to a nasty bout of nausea. battling a blinding headache. hopefully, nothing like what the guys in "the hangover" experienc
. thank you. happy new year. >> a couple of members of congress will join us this morning to talk about passage of the fiscal cliff bill. plus, started off the program with your phone calls, e-mail
the wealthy at the expense of working middle-class americans. tonight, we have done that. thanks to the votes of democrats and republicans and the congress, i will sign a law that raises taxes on the wealthiest 2% of americans of preventing a middle-class tax hike that could send the economy back into recession as we had a severe impact -- and that would of had a severe impact on families across america. i want to thank all litters of the house and senate. in particular, the work done by by extraordinary vice-president, joe biden, as well as leader harry reid, speaker boehner, nancy pelosi, and mitch mcconnell. everybody worked very hard on this. i appreciated. -- appreicate it. under this law, more than 98% of americans and 97% of small businesses will not to their income taxes go up. millions of families will continue to receive tax breaks to help raise their kids and send them to college. companies will continue to receive tax credits with the research they do, the investments they make, and the clean energy jobs they create. to million americans are out -- who are out of work but are out
by this. they will recover but sadly to say, no thanks to the 112th congress. the speaker pro tempore: the gentleman's time has expired. the chair recognizes the gentleman from illinois, mr. dold, for five minutes. mr. dold: thank you, mr. speaker. i rise today and i know we've talked a lot, i've heard from my colleagues about sandy and i want to talk about that. i want to talk about last night we were able to avoid the fiscal cliff. the american public at least the constituents that i talked to -- that i talk to on a regular basis are looking for certainty, looking for us to find common ground, looking for us to move the country forward. i'm a small business owner, mr. speaker. i need a -- i meet a budget and a payroll and i employ 100 people. for me, that's 100 families. it's a role and responsibility i take very seriously. why i do believe the federal government should play as little role as possible in the lives of americans, they do need to play a role. they need to be able to provide those things that americans cannot provide for themselves. whether that be infrastructure, wheth
after the vote, president obama thanked congress for approving the deal. >> the sum total of all the budget agreements we've reached so far proves that there is a path forward. that it is possible. if we focus not on our politics but what's -- but on what's right for the country. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> the bill sets up the next fight in around two months when the spending cuts are set to take effect and america hits the debt ceiling. treasury secretary geithner's taken steps to delay the date by halting investment in two government worker pension funds. the president is vowing to avoid a repeat of 2011 saying he won't engage congress in a debate over the debt ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be cata
highway or route 355 this morning. i'll be back with more at 4:39. >> thanks, monika. >>> congress has passed a bill which retroactively keeps the country from falling off the fiscal cliff. the house approved a bill just before 11:00 last night sending it to the president for his signature. >> the deal keeps the bush era tax cuts for 99% of americans. it also delays the spending cuts for two months so the new congress can address the issue when they come in in the coming months. danielle nottingham has more. >> the motion is adopted. >> reporter: the house of representatives passed the senate fiscal cliff bill that will cancel tax hikes for most americans and delay spending cuts. the legislation heads to president obama for his signature. he spoke after the house vote. >> under this law 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: the approval of the bill by a margin of 257-167 is a political victory for the president that comes one day after the fiscal cliff deadline. it includes an extension of unemployment benefits for about two mi
the fiscal cliff bill and president obama is thanking congress for passing it. but when he spoke late last night, he said he hopes for less drama in the future. >> there's looft work still to be done -- lot of work still to be done. now the bill heads to the president for his signature. surae chinn is live on capitol hill with more on where we stand now. we have plenty left to do. good morning, surae. >> reporter: that's right. good morning to you, mike and andrea. it's not as big of a financial package as some lawmakers would have liked but a deal is a deal. in the end the house did end up approving the senate fiscal bill around 11:00 last night by a margin of 257-167 opposing votes. and some consider this a political victory for the president that comes one day after the fiscal cliff deadline. but the deal will work retroactively to extend the bush era tax rates for most americans. it is what he campaigned on to raise taxes on the wealthiest. the bill raises income taxes for individuals earning $400,000 a year and families earning $450,000. it includes an extension of unemployment benefi
particularly from the prisoner's family. more at 5:00 tonight. virginia. >> thank you. following another story. congress has passed a deal which now reverts the fiscal cliff. >> than since the dow jones sorry for the first time in weeks, but not everyone is happy with the deal. as brianne carter reports some lawmakers are concerned the new agreement will leave us worse off than before. >> a surge on wall street after congress finally reached a fiscal deal late tuesday night. on this thursday in trading of the new year, the dow jones jumped more than 200 points. >> this lot is just one step in the broader effort to strengthen our economy and broaden opportunities for everybody. >> the measure now headed to the president's desk and will prevent income tax increases and workers -- on workers earning less than $400,000 year-end extend unemployment benefits. but the bill does not include a speextending the social security tax cut. workers will now pay to% more in social security taxes. >> what we are really doing is raising taxes to give the president or money to spend. we think that's a bad idea.
security security, the republican congressman from long island, a lot of work ahead of him in congress. >> thank you. >>> while some politicians were casting their vote on the fiscal cliff, they might have been thinking about votes that may not be casts for four more years. >>> the dramatic last-minute house vote on a deal to avert the fiscal cliff revealed stunning divide. 85 republicans were among the 257 lawmakers to vote for the bill. among them the house budget committee chairman and former vice presidential nominee, paul ryan and also the house speaker, john boehner, who broke tradition to actually cast a vote. his number two and three, eric cantor and kevin mccarthy both voted against the bill and this took place after-hours in limbo while republicans considered to bring up the bill for a final vote. joining us to break it down, our cnn contributor, the washington correspondent for "the new yorker" magazine. hillary clinton, we saw her leaving the hospital with her husband and daughter, and getting into the van there. you will see her right there in the sunglasses with chelsea c
. so there are ways we can to that but it should be part of the reforms of the 113th congress. i thank senator udall for bringing up that issue. that's a very important issue for any administration, whether it's a republican or democratic administration. it's hard to hold an administration accountable if they don't have the confirmed top leaders of their team. mr. udall: the senator from maryland has really hit it on the head and don't have to go any further than today's executive calendar. we all have them on our desk. you pick up the executive calendar in talking about approving these nominees and judicial nominees, executive nominees. here i see on page 4, we have people that have come out -- this is for the judiciary, have come out of committee march 29. march 29, and haven't gotten a vote. here's another one from april, reported from the committee. april, april 26, may 17, may 17, june 7, june 21. these are nominations where people have stepped forward, they want to be public servants, they -- the president has nominated them, they've been through the committee process and they're
that protects the miidle class. thanks to the votes of democrats nd republicans in congress, i will sign a law that raises americans whiieepreventing a middle-class tax hike that could have sent the economy back into recession and obviously had severe impact on famiiies alllacross america. but middle class financial hht ii 20-13. they won't pay higher income taxes but hey will have tooppy at least two-percenttmore in payrollltaxxs. that means most of the country's 60 million workers will seeesmaller paycheeks this year..i'm martha shade reporting lawmakers were under a tight deadline to pass the fiscal cliff measure. a new congress will be sworn in tomorrow many marylanders are now trying to figure ouu how going on in washington.one tax advisor wee poke to says taxpayers should contact their preparers as soonnas possiile...to find out how they'll be impacted by ll the in 20-122 (prioleauu "if a persso has what ttee call a loss carryovvr from capittl losses frommselling stock, then your tax preparer will need to see that in order to prepare your 2012 tax returns." tax advisors say all the
. >> kristen: thank you. thanks to congress, fiscal cliff has been avoided this morning, rumblings are being heard what it doesn't do. they passed at senate bill. it restores the tax cuts created in the bush administration and raises taxes on couples making more than $450,000 a year but it did not address spending cuts. the conversation has been pushed back for two months. >>> one of suspects in a murder of former winery owner will be in court. 21-year-old javier garcia will be arraigned. a 23-year-old man should be in court tomorrow. lucas anderson was already arraigned and there has been another booked as accessory in the death during a home invasion in november. court documents portray him as a ruthless businessman. >>> we have dramatic new video of the arrest of the driver that killed two innocent people while running from police yesterday. this video shows police approaching the vehicle and pulling him to the ground. yesterday morning the suspect drove away from a traffic stop, blew through two intersections and then slammed into a car near a store at 21st and van ness. a passenger was
tonight, a mountain of new regulations coming our way next year thanks to congress. we'll break it down. president obama promised to end crony capitalis. how is he doing? we'll have a report card. gerri: brace yourselves for a tsunami of new regulations on the way. a study finds new regulation still under review by the obama administration could cost $106 billion before the end of the year. the biggest culprits? the epa and the energy department. here to explain the director of regulation policy for the american action for. sam, welcome. i want to start with this $106 billion number we were talking about in the break. this is a lot of money. so $106 billion. these are rules that are still being written that were supposed to go into place sometime this year. this as the laws not already on the books, this is at is coming. tell us about that. >> correct. for example, there are 25 economically significant regulation at the white house now, that is regulations with a economic impact of $100 million or more. some are rules under the affordable care act, menu labeling rules, rules for vending
of the united states congress of the democratic aspirations of my people. from the depths of my heart i thank you, the people of america, and you, their representatives, for keeping us in your hearts and minds during the dark years when freedom and justice seemed beyond our reach. so many of you have done so much to uphold our cause, that it would take me more than one afternoon to recite all the names of those whom i hold dear in appreciation and gratitude. however, i would like to mention the name of one man who i so wish could have been with us today. tom. i'm sorry i a ride too late to be able to meet him. to be able to take -- shake his hand and say, thank you for what you did for us here thank you for being the man you are. i never had the chance to meet him, but i shall always remember him with warm and gratitude. i stand here now strong in the knowledge that i am among friends who will be with us as we continue with our task of building a nation that offers peace and prosperity, and basic human rights protected by the rule of law to all who dwell within its realms. this task has been
as a new congress is set to be sworn in on thursday. >> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across america. >>> now, while the tax package passed will protect 98% of americans from income tax increases, most of you will still end up paying more in federal. that's because a temporary cut in the social security payroll tax just expired. at the live desk, angie goff, news 4. >>> 5:03 now. markets are reacting positively to the fiscal cliff vote. stocks are up 2%. european stocks are also up right now. this congressional term will end without the house voting on a bill to help victims of sandy. new york area lawmakers from both party are furious over house republicans leaders decision not to hold the vote. this congress term end at noon tomorrow. house speaker john boehner's spokesman says the congressman is committed to getting the bill passed this month.
with that debt ceiling debate at 20%. back to you. >> melanie, thank you. >> so congress's action means the income tax for most will not go up but you will definitely see another tax hike this year. >> sarah is back with us to explain that. >> we kind of forget about all this that there is a tax hike that is going up. the payroll tax. this is the amount taken out towards social security. for the past two years it was reduced to 4.2% in order to give you a break in the tough financial times. the fiscal cliff bill passed last night did not include an extension of the payroll tax hike. now it goes up to 6.2%. here's what this means. a household earning $50,000 a year will see paychecks cut by $1,000. for workers making $110,000 a year which is the maximum wage subject to the payroll tax, that's $2200 less that will be coming home. numerous financial analysts say this could be a big hit to the economy. they add that it is likely a surprise to many americans who had mostly heard about income tax rates during all the fiscal cliff talk. now, there is some good news to share with you this morni
with the u.s. congress and he joins us now. thanks for joining us first of all and you have identified four key sources of the dysfunction that we watched on display for the last few weeks. can you take us through those? >> sure. i begin by saying what really drives members of congress crazy about the other party is they listen to the arguments on the other side and just don't believe that the other side is telling the truth. i think that fundamental disbelief drives the dysfunction that we have today. during the 12 years i was in congress, it was the phrases that we heard over and over again. tax cuts pay for themselves. we don't have to worry about them. we will be welcome as liberators in iraq. we weren't. government regulated or run health care doesn't work. half of the people in this country get medicare and medicaid and va health care and one form or another. the best of them all, science is not proven. you hear those things and you just can't believe that in this case the republicans are believing what they say. this creates a wall of distrust and frustration that spills over. on the
>>> thanks to the votes of democrats and republicans in congress. i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back in a recession and obviously had a severe impact on families across america. >> the fiscal cliff avoided for now in one final late night vote in washington. good evening. happy new year. i'm cheryl jennings. dan ashley and carolyn johnson have the night off. it means most of us, most of us will avoid a big income tax hike. it came after a bitter debate, but as one republican congressman said tonight, you have to know when to hold em and know when to fold em. now more from karen travers. >> after months of drama and last-minute negotiations congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden the opportunity for everybody. >> lawmakers completely blew their deadline. they didn't get the grand bargain that b
president joe biden. biden was instrumental in getting both sides to compromise. >> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession and obviously could have had a severe impact on families all across america. >> the deadline that congress imposed on itself had already passed, but it did not cause any real harm because important ro financial markets remained closed on new year's day. automatic tax increases could have pushed u.s. back into economic recession -- pushed the u.s. back into economic recession. tax rates will go up for only those earning over $400,000. in herington is -- inheritances over $5 million will also be heavily taxed. president obama immediately left washington to rejoin his family in hawaii, but the next battle is already in view. in the next two months, congress will need to raise the debt limit to allow treasury to borrow more money and it must agree on spending cuts to reduce the deficit.
republicans. >> thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle class tax hike that could have sent the economy back in a recession. >> i wish i could say this was a proud moment. a moment in which we started the year off right. in which the first of january was the first of great many good things. it isn't. we are kicking the can down the road. >> new members of congress will be sworn in tomorrow and over the next two months they will have to resolve the issues this last minute deal does not address. here are some of the provisions of the deal passed last night. a permanent extension of previous tax cuts for all taxpayers. expect for individuals making $400,000 a year. or couples making more than $550,000. and it postpones decisions on controversial spending cuts for two monthst. >>> the house of representatives wrapped up its session last night without voting on legislation to authorize assistance for victims of super storm sandy. that caused an outcry from new york area lawmakers
. tonight we have done that, thanks to the votes of democrats and republicans in congress i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession. >> as well as a new higher tax rate for families earning more than $450,000 per year, fewer than 1% of the population. the bill shows an extension of unemployment benefits for 2 million of the country's unemployed, putting more than $100 billion worth of spending cuts on hold for the next two months. what it does not do is address other, potentially more troubling aspects of the american economy, like the country's massive federal debt of more than $16 trillion. in the absence of a broader tax increases, this legislation is likely to add to the debt. but it does at least stave off the threat of automatic spending cuts and across the board tax increases that would have been triggered by the fiscal cliff. after months of wrangling, neither side was happy, but at least they were in the mood to compromise. >> following the lead of the senate, t
quarterback. >> tonight, we have done that thanks to the votes of democrats and republicans in congress. i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession and had a severe impact on families across america. i want to thank all of the leaders of the house and the senate. in particular, i want to thank the work was done by my extraordinary vice president, joe biden, as well as leader harry reid, speaker boehner nancy pelosi, and mitch mcconnell. everybody worked very hard on this. i appreciate it. once again, i want to thank you for your great work. under this law more than 98% of americans and 97% of small businesses will not see their income taxes go up. millions of families will continue to receive tax breaks to help raise their kids and send them to college. companies will continue to receive tax credits for the resources that they use, the investments that they make, and the clean energy they create. for those americans out there looking for work, they will continue to recei
negatively meaning if there aren't efforts addressed by congress to address the long-term deficit it could affect the aaa rating. outlook by them is negative in large part because of concerns about the long-term deficit problems. guys, back to you. >> thank you, mary. so they are saying, we've got one piece of the puzzle done, the taxation part. now they have to worry about the spending part, and if they don't do enough we could be seeing a downgrade. >> the question is does it matter? at what point does it matter? >> good point and they often tell us what we know. in this case it's clear we have this issue we have to confront. >> we're heading towards the close on what's been a very strong first trading day of the year. right now with 50 minutes left, the dow is up 280 points. >> bill gross of pimco says this rally will last. >> and then facebook is on a roll today, up about 5%. 2013 the year it gets back to its ipo price of $38? some facebook facts coming up. >> then, f-boks outside the oval office. up next, new details on how we got to the tax deal that averted the fiscal cliff, and if
men's 50+. is a big day on wall street. after a big night in washington. stocks are surging thanks to the budget deal by congress late last night. we are seeing gains across the board. the dow up more 200 points. the nasdaq up almost 71 right now. some bad news for the orange industry. more than half of the citrus groves and florida could be infected with a bacterial disease. the journal says oranges from infected trees are still safe to eat however the bacterial disease slowly kills the tree is. an agriculture department has already cut i ts cast for or in production. forecast for orange production. the biggest shareholder is an investment fund started by the co-founder of aol. the super bowl still one month away. advertisements spots for the big game are almost sold out. they are being sold for record amounts this year. for the first time there will be three commercials that are longer than a minute. so far at least one advertisement has been sent back to the company because it was a little bit too racy. a look back on the year that we just finished. i'm your tutorial to make a
beil. >> i'm cheryl jennings. thanks for >>> this is "world news." tonight, new year, same congress. tonight, still no deal. over the cliff and apparently staying there. after the vice president steps in, both sides got closer, but tonight, the giant setback. and already, your taxes have gone up. >>> hillary's fight. the secretary of state under the close watch of her doctors tonight, with a blood clot near her brain. this evening, the first message from chelsea clinton, seen visiting the hospital. >>> comeback story. our friend and colleague at espn, hannah storm, back hosting the rose parade after a terrifying accident at home. the grill explosion that left her with first and second degree burns. and tonight, the lesson for all of us, as she shares her story right here. >>> and the reunion. the moment at the parade no one saw coming. not even the little boy, stunned by his new year's surprise.
at the expense of working middle class americans. tonight, we have done that. thanks to the votes, democrats and republicans in congress, i will sign a law that raises taxes on the wealthyest 2% of americans while preventing a middle class tax hike that could have sent the economy back into a reskpegs have a severe impact on family as cross america. i want to thank all leaders of the house and senate. in particular, i want to thank the work that was done by my extraordinary vice president joe biden as well as leader hairy reid, speaker boehner, nancy pelosi and mitch mcconnell. everybody worked hard on this and i appreciate it. joe, thank you for your great work. under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. millions of families will coinue to see tax breaks to help raise their kids and is sent them to college. companies will continue to receive tax credits. for research and investments and clean energy jobs they create. two million americans out of work and out there looking pounding pavement every day goring to continue to rec
with this congress over whether or not they should pay the bills that they've already racked up. >> joining me live, democratic congresswoman chair of the democratic national committee and member of the budget committee. thanks for being on the show. >> thanks for having me. >> you hear president obama say he's not going to negotiate on the debt limit. you heard lindsay graham say there save it for the debt battle. how far are they willing to go to prevent any debt accruing on that number. what gives you confidence the president will not net on this and what can he do to avoid negotiating on this? >> i think inwho has observed president obama over making sure that we could have a balanced approach to beginning deficit reduction has seen what's on the table and his willingness to compromise and what he's not willing to compromise on. let's look at what the republicans are using as a leverage point, no less than the full faith and credit of the united states. we got a good window in what happens when you do that in the summer of 2011 when the debt cre ceiling was part of those negotiations, we had ou
better than congress. >> that's true. >> at least we didn't curse. >> no f-bombs here at least. see you later. stocks kick off the year on a high note thanks in last part to last night's 11th-hour tax deal in congress. checking with bertha coombs for today's leaders and laggards. >> bill, a day for notable milestones. the dow starting the year up over 2% for only the tenth time in 100 years, the nasdaq's best one-day gain in over 15 months, the s&p starting the year with a sizable gain for the fifth straight year. that's never happened and the russell 2000 hitting a new all-time high. zipcar was the russell's biggest percentage gainer on a $500 million cash deal to be acquired by avis which today hit a five-year high on that deal. on the s&p, u.s. steel the biggest peersage gainer on an upgrade from credit suisse and metlife seeing big cliff relief rallies today. j.c. penney bucking the trend in new year starting the year with a bick bounce after losing 40%, alexion and other biotechs rallying and consol energy and natural gas players among today's decliners with forecasts calling for w
with a hammer and you were supposed to say, thank you so much for the relief. we created this monster. we're the ones u.s. at, at least congress has said -- we are the ones who said, at least congress has said, do what everyone but do not ask me to tax the wealthiest 2% of people in this country to pay their fair share. why don't you start talking about cutting people off from unemployment compensation? why do you think about not providing some much more for the aged? why don't you start privatizing these banks? true this was not the america ideal when i came to the congress. this is something a handful of people from nowhere came here and started preaching we had to destroy big government. the people who had no lobbyists, no one to come to, were saved by us, by responsible people who came together and said, basically, have you lost your mind? what are you doing? how can you go home and tell the people this is what you created? so we pause and common sense has prevailed. at least we can go back, and said, not now -- and say, not now, but they are coming again. they have all kinds of words
that thank-you to the votes, the democrats, the republicans in congress. we will raise taxes on the wealthiest 2 percent of americans. while this could have sent it back into a recession and not having is a bigger impact on americans. i want to thank all of the leaders of the house, the senate and in particular i want to thank the work that was it done by my extraordinary president, joe biden. and as well as harry reed, speaker john boehner, nancy pelosi and mitch mcconnell. everybody worked very hard on this and i appreciate it. under this law, more than 90 percent of americans and the small businesses will not see their income tax co op. millions of families will receive tax breaks to help raise children and go to college. they will continue to college will continue to receive tax credits and clean energy. 2 million americans that are out of work and out there looking will continue to receive unemployment benefits as long as they're actively looking for a job. but i think that we all recognize that this was just one step in the broader effort to strengthen our economy. and
. the bill just pushes off those cuts for two months so you're going to see congress and the white house fighting right away about how to replace the sequester with more sensible cuts once and for all. >> nancy cordes thanks nancy. >>> shortly after the house vote president obama got on a plane to resume his christmas vacation in hawaii but first he complained to reporters about how hard it was to reach a deal and insisted it won't happen again when the debt ceiling battle comes around. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> major garrett is in the white house briefing room where the president made that announcement just hours ago. major, good morning. >> good morning. >> major, just to start with what was the reacti
: thank you very much. and, ladies and gentlemen of the congress and the united states of america, we stand here today and we're witnessing something, that there's been a great hunger among the american people for. and that is to see finally democrats and republicans working together for the good of the united states. we're going to have that today. we're going to have a bill, all may not vote for it, but i think what is important here is that this is a product of a true compromise with republicans and with democrats, putting the united states of america foremost. and i think we ought to have a tip of the hat to president barack obama. i think to leader mcconnell in the senate and certainly to our vice president, joe biden. and to the leadership of nancy pelosi, steny hoyer, jim clyburn, and over on our side, and i know that our republican friendses have had a tussle here. but our tip of the hat to you as well. and certainly to my friend david dreier who is in his ending time as the chairman of the rules committee. good luck, my friend. the speaker pro tempore: the gentleman's time ha
to declare a victory. >> thanks to the votes of democrats and republicans in congress i will raise the taxes for 2 percent of americans while preventing an american tax hike that could effect the economy in the recession. >> with that evidences gone. air force one could be on stand by to take the president back to finish up his vacation. in washington it is still something of a mess. as far as tax rates are concerned you can fill out 1040 relatively occurred tax race are going to be unchanged. 450,000 dollars and couples who make more than 450 will see the tax rates go up. as far as the automatic spending cuts it would have especially hit the pentagon those have been delayed for at least two months. so it's something that they are going to have to tackle again. the other big problem what it does to the deficit more than 4 trillion of added debt that had a -- had many republicans voting against it. >> that is going to be huge debate over raising the nation's debt ceiling the president will push for an automatic increase in that. they will want to extract something in the way of spending cuts
noon tomorrow. if he doesn't, a new congress has to act and they start all over again. when they are motivated they can move quickly, but it would be a delay if they don't do it before noon tomorrow. >> thanks, kelly. this is the one who crafted the bill. first up with a welcome to you, sir. i know you and your colleagues and the delegations will meet about an hour or so again. what are you going to say to him? >> i don't think the new jersey democrats are invited. this is a new jersey moment though. time to take off the gloves. i believe boehner is speaking sincerely when he said we will get this done as soon as possible in the next congress. we get sworn in tomorrow, but we need the help right now. that was a commitment. he could not deliver. i can't deal with the schizophrenia within the leadership of the within party. we should all be on this. it took us a very short period of time to respond to katrina. $10 billion on a voice vote. mind you. then another the democrats and republicans. they did everything we asked them to do and not only to the republican leadership, we
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